February house price data 'a mixed bag'

Posted: 17 Mar 2009 08:37:36 GMT

Average property prices for February showed that some property types rose in price despite the ongoing recession.

Tracking the sale price of homes from January 2009 to February, the National Association of Estate Agents (NAEA) found that although three and four-bedroom homes fell in value throughout the month, two-bedroom flats increased their value.

As well as two-bedroom flats, high-end properties also jumped in value by over ten per cent.

Such news is good for those hoping to move to a second property, as their small home may be worth more and a larger, family home which they hope to move into is becoming cheaper.

However, with first-time buyers still unable to get their foot on the property ladder there are still difficulties involved with selling a home in order to begin moving.

Selling a home online, however, may benefit those hoping to move up the property ladder as doing so could lead to a greater number of buyers seeing - and bidding for - the property.

"Smaller houses actually saw their value increase - this suggests that people who are buying are picking up smaller houses than they may have done previously, possibly because they can only get smaller mortgages," explained Peter Bolton King, chief executive of the NAEA.



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